Payment of 2nd provisional tax installment for 2023
We would like to remind you that the payment deadline for the 2nd and final provisional tax installment for the tax year 2022 is the 31st of January 2024. The timely payment of provisional tax can be made through the tax portal of the government. Overdue payments can also be processed via the Tax Portal.
Tax provisions on temporary taxation
Every Cyprus company with taxable income is required to calculate the estimated profits of the same year and pay the corresponding tax in two equal installments on July 31 and December 31. If the expected taxable profit declared in the temporary tax return is less than 75% of the company’s final tax profit, then an additional tax of 10% is added to the final tax to be paid.
The provisional tax is payable in two equal installments, as follows:
|Provisional tax instalments
|31 July 2023
|31 August 2023
|31 December 2023
|31 January 2024
Late payments (made after the effective deadline) are subject to a 5% penalty as well as interest (at 2.25% per annum for 2023). An additional 5% penalty may be imposed if the tax remains unpaid, two months after the statutory deadlines.
Revised provisional tax calculation
Taxpayers can revise their provisional tax calculation (upwards/downwards) until 31 December 2023.
How can we help?
We are at your disposal to assist you with the calculation of the provisional tax and the administration of the provisional tax payments.